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Debt Investment | 12 Months Ended
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Dec. 31, 2024
Debt Investment [Abstract] |
DEBT INVESTMENT | 8. DEBT INVESTMENT As of December 31, 2024, debt investment was $1.53 million. On May 20, 2024, Future Commercial Management Co., Ltd. entered into a “Debt Transfer Agreement” with a third-party. Future Commercial Management Co., Ltd. paid $0.71 million (RMB5.00 million) to purchase $2.12 million (principal amount RMB7.50 million, interest RMB7.35 million) in debt. The debt has pledge of three properties, amount $2.08 million (RMB8.02 million). The debt is expected to be repaid $1.14 million (RMB8.00 million) within 3 years. The company will perform debt impairment test end of the fiscal year. On July 4, 2024, Future Commercial Management Co., Ltd., an indirectly wholly owned subsidiary of the Company, entered into a “Entrustment Agreement” with Xi’an Qifeng Future Supply Chain Co., Ltd. (“Xi’an Qifeng”) to entrust Xi’an Qifeng for acquisition of certain debt assets. On September 26, 2024, Xi’an Qifeng through its authorized agent entered into a “Debt Transfer Agreement” with China Zhongxin Financial Assets Management Co., Ltd. Gansu Branch, pursuant to which Future Commercial Management Co., Ltd. paid $1.12 million (RMB7.50 million) to purchase 60% rights and ownership in debt assets which is amount of RMB94.05 million (the total debt assets are of principal amount RMB87.90 million, interest RMB68.84 million). The debt has been pledged with one property amount $5.62 million (RMB39.36 million). The debt has an annual interest rate of 12% and payment requirement of principal $0.07 million (RMB0.5 million) per month until it’s fully repaid. In 2024, the Company has received repayment $0.25 million (RMB1,800,000).

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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org/321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org/325/tableOfContent + Details
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